CFTC Eyes Changes To Commodity Broker Bankruptcy Rules
Law360 (April 14, 2020, 7:04 PM EDT) -- The U.S. Commodities Futures Trading Commission proposed revisions to decades-old rules governing commodity broker bankruptcies in one of several actions taken on Tuesday, saying that its antiquated rules don't reflect modern market realities.
CFTC Chairman Heath Tarbert said updates to the agency's bankruptcy rulebook are needed to provide market participants with more clarity. He said the proposal, which was submitted by a unanimous vote, mostly codifies market practices that have evolved over time by necessity.
"This regime is intended to protect customer funds, but having antiquated rules does not help achieve that goal," Tarbert said, referring to Part 190 of the...
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